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Product Feasibility Studies

Get answers with in-depth feasibility analysis of your design.

“Richard and the team are fantastic. From our first contact to product release everything was handled professionally and in a timely way.”

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Completing your feasibility study could be the most important thing you do this year.

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Feasibility Studies

What is a Feasibility Study?

A feasibility study explores how practical your design is from technical, financial, and timely perspectives.

Is it commercially viable from a market feasibility perspective, how long will it realistically take to get into the customer’s hands, and does it conform to the laws of physics?

Answering these questions, product feasibility studies add clarity to your next step of product development by properly mapping out your development approach, as well as uncovering potential risks.

In-Depth Guide to the Different Types of Product Feasibility Study

Is it Feasible for You?

There’s a common misconception when it comes to product development.

Just because a similar product exists, and you can hold it in your hand as testament to its technical feasibility, it’s not confirmation that you’ll be able to recreate the same product – or even similar.

In reality, there are a range of market-driven factors that mean larger, more established organisations are able to take risks on high volume, high cost products.

For a start, multi-nationals that have the capability to manufacture en masse, are likely to be favoured by manufacturers. Plus, you’ve got to source the parts – not a straightforward proposition in the middle of a global component shortage.

A feasibility analysis is a pragmatic means of determining whether your organisation is realistically in a position to create the product, from design to manufacture, to post-release support.

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WHERE TO START WITH YOUR PRODUCT FEASIBILITY STUDY
Address technical and commercial risks

Product Feasibility Studies

Why Failing Fast Can Be a Good Thing

In an ideal world, your project will be a resounding success. However, new product development is often a journey of discovery.

By doing the groundwork with both an Idea Generation Workshop and a Feasibility Study, you’re approaching the project in a far more organised and coherent manner than without.

And because of this, problems potentially fatal to the project can be recognised before any meaningful design work has been undertaken, let alone manufacturing.

This means saving a significant amount of time and money.

Feasibility Tips from an Engineer

Compromise with Success in Mind

Feature creep adds unnecessary costs and can even derail projects if left uncontained.

Adding out-of-scope features not only increase cost, but they also add additional layers of complexity to the project, increasing risk factors such as greater power consumption.

New product feasibility studies are designed to separate the essential features from the ‘nice to have’ perks. It’s a means of protecting your investment.

Because ultimately, the end goal of any product development journey is to create the best achievable product that delivers a return on investment.

For a smooth ride
Things to consider when starting your product journey
Success Stories

Case studies from Ignys Ltd

The Three Factors determining success or failure for a new electronics product

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We talk to lots of people with ideas for a new electronic product. Some of them are non-starters, some will do okay and a small few could become game-changers. However, there are three factors that will impact the success of your new product – with most thought going into just one of them.

1. Product development

This is where most entrepreneurs spend all their time. How can they make their product as good as it can be? What functionality needs to be in the minimum viable product (MVP) or prototype? What’s the development path from there?

Of course, this is a critical part of the success of your product. Putting a poor product onto the market is a quick way to lose your shirt.

Product development is not an easy process. If it was, we wouldn’t exist. Getting the specification right, the electronics and firmware fully functional and the manufacturing happening cost-effectively and efficiently takes time and money. There will be multiple iterations of the design which often changes with early user feedback and as requirements crystallise. The electronics will need at least one update as components sometimes don’t do what their datasheet claims. There can be tweaks to ensure boards fit properly within enclosures and radio antenna are matched and fettled for performance – with power supply, products are expected to last longer and longer from batteries that haven’t changed in years.

However, you have to get this right, or you have no future.

2. Money

We’ve already alluded to this in the cost of development. But let’s look at it in more detail. We are assuming that you haven’t got unlimited resources and haven’t won the EuroMillions in the last few weeks.

The Money Stages in product development

  1. Development: it costs money to develop a product. This will, almost certainly, need to be your money because investors rarely invest based purely on an idea. Some may invest at the design stage, but most will expect you to have, at least, a working prototype before they hand over any cash. You will need to invest your own money (or family/friend’s money) to get to the point where external financing is likely.
  2. Manufacturing: setting up the manufacturing takes further investment. Tooling up is not a cheap process and needs to be paid for.
  3. Inventory: you need stock to be able to sell. That stock must be made by your manufacturer and, again, they will expect to be paid up front. You must fund that inventory from the first raw materials order to the point the cash starts flowing inward.
  4. Sales: Hurrah – money is flowing in rather than out, but that doesn’t mean you’re out of the woods. Is there enough coming in? If there is more flowing out than you have available before the money flows in, you’re in trouble. Cashflow is the biggest killer of businesses – bar none!
  5. Positive cashflow: by this we mean there is more money available than is needed. Your bank balance starts to move back towards the black. Let’s hope this continues.

Related blog: TBAT Funding Strategy Checklist

3. Marketing

This area is normally left until there is something to sell. That is a huge mistake. It should start from day one, alongside product development where MVPs are regularly tested with potential customers to form the product from their feedback.

Marketing is the process whereby you make your target audience aware and interested in the product. Getting people interested will help sales once you have a product. After all, the sooner the sales start, the sooner there is cash flowing back into the business

Use marketing to get people actively excited

Talking about the product is no good. Talking about how the product solves a problem is good. You want people waiting with bated breath for the launch of your product. Carefully crafted marketing will do that for you.

If you wait until you have a product, you are delaying the success of your product and you don’t want that.

You need to remember all three of these points

If you get these three right, you have a product on the market with an audience looking to buy. If you’ve only concentrated on the product development, you’re still a long way off.

Do you need help with a new electronics product?

If you would like to know more about how Ignys can help you make your new electronic product a success, get in touch today.

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